Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 5781 contracts with a total value of 399 crores. This activity led to a decrease of 3785 contracts in the Net Open Interest.
Bank Nifty had biggest decline after May 2020 failing 4.3% in single trading session all thanks to HDFC bank, We had a discssuion how astro and gann cycle combination can lead to a big move. Fall was Brutal and tommrow we can have another decline in open as HDFC is trading another 6% down. 45370 is level to be watched out for.
Bank NIfty Price bounced near 45370 low made was 45430 Octave points and took support at the Election Gap on 01 Dec, Today is another important Solar Eclipse Time cycle date so watch for first 15 mins High and Low to ride the trend for the day.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 45857 for a move towards 46070/46283. Bears will get active below 45643 for a move towards 45430/45225.
Traders may watch out for potential intraday reversals at 10:20,12:40,01:20,2:21 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 22 lakh, liquidation of 2 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a covering of SHORT positions today.
Bank Nifty Advance Decline Ratio at 07:05 and Bank Nifty Rollover Cost is @48411 closed below it.
Bank Nifty Gann Monthly Trend Change Level : 47843– Closed below it.
Bank Nifty has closed above its 20/50 SMA heading towards 45292 @100 SMA
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 44610-45937-47265-48671 . This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable. Price is near 47265
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 46000 strike, followed by the 46500 strike. On the put side, the 45500 strike has the highest OI, followed by the 45300 strike.This indicates that market participants anticipate Bank Nifty to stay within the 45500-46000 range.
The Bank Nifty options chain shows that the maximum pain point is at 46000 and the put-call ratio (PCR) is at 0.7 . Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .
There is a paralysis that sets in when the losses begin to mount. These losses are much too much for the ego to admit. It would rather deny and postpone judgment day than face the truth.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 46336 . Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 45912, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 45807 Tgt 45920, 46125 and 46335( Bank Nifty Spot Levels)
Sell Below 45729 Tgt 45610, 45450 and 45285 ( Bank Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.